How to Start a Law Firm

J. Sylvester Darren

Description

This friendly and accessible guide is one that you'll want to have on hand at every stage of the journey when starting your own law firm. From initial planning and choosing the right structure, overcoming teething problems, to expansion and beyond, in this book you'll find the practical guidance you need to set up and manage a law firm. Written by experienced practitioners who manage their own firms, How to Start a Law Firm includes guidance and advice on regulations, client care, staffing and managing finances, and new technology including AI. It offers lessons in how to develop the mindset of a business owner and a detailed study of how law firms have responded to the coronavirus pandemic.

Sujets

• Droit et juridique
• Law

Informations

• Publié par: Law Society
• Date de parution: 31 octobre 2020
• Nombre de lectures: 0
• EAN13: 9781784461829
• Langue: English

Extrait

How to Start a Law Firm


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Career Management for Lawyers: Practical Strategies to Plan Your Next Chapter Rachel Brushfield
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Clarity for Lawyers, 3rd edition Mark Adler and Daphne Perry
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Titles from Law Society Publishing can be ordered from all good bookshops or direct (telephone [phone], or visit our online shop at www.lawsociety.org.uk/bookshop ).


How to Start a Law Firm
A Practical Guide to Offering Legal Services
Darren J. Sylvester and Rachel Roche
All rights reserved. No part of this publication may be reproduced in any material form, whether by photocopying, scanning, downloading onto computer or otherwise without the written permission of the Law Society except in accordance with the provisions of the Copyright, Designs and Patents Act 1988. Applications should be addressed in the first instance, in writing, to Law Society Publishing. Any unauthorised or restricted act in relation to this publication may result in civil proceedings and/or criminal prosecution.
The authors have asserted the right under the Copyright, Designs and Patents Act 1988 to be identified as authors of this work.
Whilst all reasonable care has been taken in the preparation of this publication, neither the publisher nor the authors can accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of relying upon its contents.
The views expressed in this publication should be taken as those of the authors only unless it is specifically indicated that the Law Society has given its endorsement.
© The Law Society 2020
Crown copyright material is reproduced with the permission of the Controller of Her Majesty’s Stationery Office
ISBN-13: 978-1-78446-153-9 (paperback) ISBN-13: 978-1-78446-182-9 (EPUB)
Published in 2020 by the Law Society 113 Chancery Lane, London WC2A 1PL
Typeset by Columns Design XML Ltd, Reading
Contents
Cover
Title
Copyright
Foreword
Preface
About the authors
Acknowledgements
Abbreviations
1 Could you start a law firm?
1.1 The benefits of being an employee
1.2 The core benefits of starting a business
1.3 The disadvantages of starting a business
1.4 Is this the path for you?
Case study 1: Rachel Roche
2 Choosing the right structure
2.1 Why is structure important?
2.2 Choosing a regulator
2.3 Who is the right regulator for you?
2.4 Choosing a business entity
2.5 Making your structure official
Case study 2: Belinda Lester
3 The first steps of your start-up
3.1 Adopting the mindset of a business owner
3.2 Determining your vision
3.3 Understanding regulatory requirements and legislation
3.4 Creating your business plan
Case study 3: Simone Bowman
4 Funding your law firm
4.1 How much does it cost to start a law firm?
4.2 How can you keep costs down?
4.3 Is start-up funding available?
4.4 Do you really need a start-up loan?
Case study 4: Darren J. Sylvester
5 Do you need premises?
5.1 Your dream v. the reality
5.2 Could you work from home?
5.3 Using a co-working space
5.4 Investing in an office
Case study 5: Jessica Hampson
6 Branding your business
6.1 What is branding?
6.2 Why is branding important for your law firm?
6.3 The first steps of branding
6.4 Establishing your brand
Case study 6: Bill Ward
7 Finding clients and establishing networks
7.1 Why are the first clients the hardest to get?
7.2 Developing an active mindset about selling
7.3 Making yourself visible
7.4 The legalities of marketing
7.5 Referral work
7.6 Diversification of clients: how many do you really need?
Case study 7: Sarah Khan-Bashir
8 Taking care of your clients
8.1 Why is customer service so important?
8.2 What does good customer service look like in practice?
8.3 The initial client consultation
8.4 Client care letters
8.5 Terms of business
8.6 Setting and managing client expectations
8.7 Balancing professional and empathetic behaviour
8.8 Fees
8.9 Supporting vulnerable clients
8.10 Client due diligence
8.11 Obtaining feedback
Case study 8: Neil Brown
9 Establishing systems and processes
9.1 Why are systems and processes important?
9.2 What should you consider when introducing systems and processes?
9.3 What processes do you need and how should you design them?
9.4 Creating a process manual
Case study 9: Peter Wright
10 Managing the firm’s finances
10.1 The importance of making (and sticking to) a budget
10.2 Billing and invoicing
10.3 Cash flow
10.4 Salaries and fee earning expectations
10.5 Holding client money
10.6 Audits
Case study 10: Shazia Malik and Cosma Vento
11 Making technology work for you
11.1 Why technology is important for a law firm
11.2 Using technology in your firm
11.3 Offering legal services online
11.4 Possible pitfalls of technology
11.5 The future of legal technology
Case study 11: Melissa Fish
12 Employing staff
12.1 When is the right time to take on staff?
12.2 Navigating the recruitment process
12.3 Legislation in recruitment and selection
12.4 Inducting and training staff
12.5 Taking care of your staff
12.6 Managing staff
12.7 What happens if things go wrong?
Case study 12: Anna Newport
13 Wellbeing and work/life balance
13.1 What’s at risk?
13.2 Working smarter, not harder
13.3 Stress management
13.4 Maintaining a healthy firm
Case study 13: Jodie Hill
14 Growth and expansion
14.1 Does your firm have the potential to grow?
14.2 How do you know when it’s the right time to expand?
14.3 What growth and expansion options could you consider?
14.4 What risks are involved in growth and expansion?
14.5 Is growth and expansion right for everyone?
Case study 14: Mandeep Kaur Virdee
15 Exit strategies
15.1 When might it be time to move on?
15.2 What exit strategies could you consider?
15.3 How to prepare for an exit
15.4 How long will it take to complete a managed exit?
Case study 15: Paul Bennett
16 COVID-19 – the ultimate disaster recovery test
16.1 The ultimate test for your disaster recovery plan
16.2 The initial impact for the profession
16.3 What are the predictions for medium- and long-term impact on the profession?
16.4 The new normal
Case study 16: Jane Cassell
Afterword: What will success look like for you?
Appendix: Sample cash flow forecast
Index
Foreword
The law firms of the future will not look like the law firms of the past. Those of us who entered the legal profession earlier on in the 21st century – or even at the end of the 20th – have already witnessed a significant shift.
The profession is moving away from traditional paths of career progression. Instead, we are learning to accept greater flexibility and innovation, as well as recognising potential in people much earlier on in their careers. Though this move is no doubt a challenge for many firms, we can’t deny that it also offers incredible opportunity.
Starting your own legal business or entering a management role no longer depends on the stage of your career. Today’s more flexible path of progression in legal careers allows a greater diversity of individuals to do this and shine.
Of course, this book was written in the face of dramatic and immediate change: the COVID­19 pandemic. Among the many other effects on society, lockdown created a period of relative quiet and solitude in which many people chose to re-evaluate their careers. For some, this re-evaluation was outside of their control due to firm closures, furloughs and redundancies.
However legal professionals have found themselves in this position, I suspect that this period of reflection has made a significant number of solicitors more determined than ever to have their career on their own terms. In many cases, this will no doubt mean starting their own law firm or choosing to go freelance.
Starting your own law business is a brave and rewarding thing to do. It’s also hard work and not for everyone. The authors of this book, Darren J. Sylvester and Rachel Roche, have set out to create an accessible and exhaustive resource for legal professionals considering this path.
Whether you have plans to launch a major new firm to shake up the industry or simply hope to use the new freelance solicitor regulations to better manage your work/life balance, this book is an excellent starting point. It will help you navigate the specific structural and regulatory challenges of setting up a legal firm, as well as the more universal concerns of all new businesses: how to find clients, how to keep clients and how to stay ahead of the competition.
Whatever your legal ambitions, remember that together we are heralding in a new future for the profession. Now is the time to build an innovative, diverse and inclusive legal space that will benefit us all.
Christina Blacklaws Former President of the Law Society (July 2018–July 2019) October 2020
Preface
The legal landscape is shifting beneath us. The growth of digital technology has enabled the profession to experiment with new and innovative ways of delivering legal services, many of which offer client solutions faster, more conveniently and more affordably.
Just like in other industries, there’s also a growing awareness of the importance of flexible working arrangements. With so much information now at our fingertips, along with so many different communication tools, there’s absolutely no reason to work a traditional 9 am–5 pm role in a traditional firm … unless you want to, that is.
It’s not just the structure of the way lawyers work that’s changing. There have been some significant changes to the way we’re